”You would release such inflationary pressures in society as would end in recession.”

Treasurer Peter Costello is setting out on a tough political sell. As the RBA scratches its collective noodle on rates, Costello tells the voters of Australia: be worried, if you elect the other lot things will be worse by far. Indeed.

His message to the apparently cash-strapped, mortgage-stressed, fuel price-sensitive, WorkChoice-wary people of middle Australia is this: vote for the other lot and they’ll do the worst thing imaginable: they’ll put up wages.

Tough sell.